Carry Forward of Business Loss and set off against profit shall be decided by AO who deals with assessment concerning Subsequent Year: Delhi HC [Read Order]

The Delhi High Court ruled that Assessing Officers (AO) who undertake the assessment for the subsequent year shall decide whether to carry forward business losses and setoff them against profit
By Aparna. M - On December 14, 2023 11:02 am - 2 mins read
Business Loss - profit - assessment concerning Subsequent Year - Delhi High Court - Assessing Officer - taxscan

In a significant case, the Delhi High Court held that the carryforward of business loss and set off against profit should be decided by Assessing Officers (AO) dealing with the assessment concerning the subsequent year. Respondent/assessee Burda Druck India Pvt. Ltd filed its Return of Income (ROI) for the AY in question, i.e., AY 2014-15,…

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